Moody’s ups Raiffeisenbank deposits

Moody's Investors Service said it upgraded Raiffeisenbank, AS' long-term local and foreign-currency deposit ratings to Baa1 from Baa2, long-term counterparty risk assessment to A3(cr) from Baa1(cr) and adjusted baseline credit assessment (BCA) to baa3 from ba1.

The bank’s ba1 baseline credit assessment, short-term Prime-2 deposit ratings and short-term Prime-2(cr) CRA are affirmed.

The outlook on the long-term deposit ratings remains stable.

Moody’s said the upgrade of the deposit ratings was driven by the upgrade of the bank’s parent Raiffeisen Bank International AG's (A3/A3 stable, baa3) baseline credit assessment to baa3 from ba1, which resulted in one-notch of rating uplift for Raiffeisenbank from affiliate support and a higher baa3 (previously ba1) adjusted baseline credit assessment.

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